# Corporate VCs backing Defence Tech (2026 list) > 25 corporate VCs backing Defence Tech, 92% active in the last 12 months. Led by Intel Capital, Salesforce Ventures, Z Venture Capital. Source: https://millionrounds.com/lists/corporate-vcs-defensetech (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # Corporate VCs backing Defence Tech Updated 7 November 2026 Corporate VCs we have observed in a defence Tech round in the last two years. [See all 25 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fcorporate-vcs-defensetech)The top 25 **25** investors on the list No change this week **431** cheques in 12 months *+16%* against the market **$27M** median round they joined *+238%* against the market median **92%** wrote a cheque in 12 months **68%** have led a round ## The Top 25 Ordered by cheques observed, never by anything anyone paid for Deploying now (23) - 1 [Intel Capital](https://millionrounds.com/fund/intel-capital) *Deploying now* Corporate VC · United States **1,123** **$22M** median round **Oct 2026** last seen - 2 [Salesforce Ventures](https://millionrounds.com/fund/salesforce-ventures) *Deploying now* Corporate VC · United States **649** **$26M** median round **Nov 2026** last seen - 3 [Z Venture Capital](https://millionrounds.com/fund/z-venture-capital) *Deploying now* Corporate VC · Japan **200** **$10M** median round **Oct 2026** last seen - 4 [Deutsche Bank](https://millionrounds.com/fund/deutsche-bank) *Deploying now* Corporate VC · Germany **144** **$175M** median round **Nov 2026** last seen - 5 [M Ventures](https://millionrounds.com/fund/m-ventures) *Deploying now* Corporate VC · Switzerland **143** **$15M** median round **Sept 2026** last seen - 6 [SE Ventures](https://millionrounds.com/fund/se-ventures) *Deploying now* Corporate VC · United States **112** **$16M** median round **Oct 2026** last seen - 7 [Wells Fargo](https://millionrounds.com/fund/wells-fargo-bank-office) *Deploying now* Corporate VC · United States **107** **$39M** median round **Sept 2026** last seen - 8 [British Business Bank](https://millionrounds.com/fund/national-security-strategic-investment-fund) *Deploying now* Corporate VC · United Kingdom **105** **$6.3M** median round **Nov 2026** last seen - 9 [Lockheed Martin](https://millionrounds.com/fund/lockheed-martin-ventures) *Deploying now* Corporate VC · United States **80** **$27M** median round **Oct 2026** last seen - 10 [Bosch Ventures](https://millionrounds.com/fund/bosch-ventures) *Deploying now* Corporate VC · Germany **75** **$35M** median round **Oct 2026** last seen - 11 [Singtel Innov8](https://millionrounds.com/fund/singtel-innov8) *Deploying now* Corporate VC · Singapore **68** **$25M** median round **Sept 2026** last seen - 12 [ESA](https://millionrounds.com/fund/european-space-agency) *Deploying now* Corporate VC · France **55** **$1.1M** median round **Jul 2026** last seen - 13 [Mitsui & Co](https://millionrounds.com/fund/mitsui-and-co) *Deploying now* Corporate VC · Japan **47** **$65M** median round **Aug 2026** last seen - 14 [Motley Fool Ventures](https://millionrounds.com/fund/motley-fool-ventures) *Deploying now* Corporate VC · United States **45** **$9.2M** median round **Sept 2026** last seen - 15 [Applied Ventures](https://millionrounds.com/fund/applied-ventures) *Deploying now* Corporate VC · United States **43** **$54M** median round **Oct 2026** last seen - 16 [Stellar Development Foundation](https://millionrounds.com/fund/stellar-development-foundation) *Deploying now* Corporate VC · United States **39** **$4.3M** median round **Sept 2026** last seen - 17 [Nokia](https://millionrounds.com/fund/nokia) *Deploying now* Corporate VC · Finland **21** **$433M** median round **Jun 2026** last seen - 18 [Peak 6](https://millionrounds.com/fund/peak-6) *Deploying now* Corporate VC · United States **12** **$20M** median round **Aug 2026** last seen - 19 [Airbus Ventures](https://millionrounds.com/fund/airbus-ventures) *Deploying now* Corporate VC · United States **7** **$20M** median round **Nov 2026** last seen - 20 [Booz Allen Ventures](https://millionrounds.com/fund/booz-allen-ventures) *Deploying now* Corporate VC · United States **6** **$56M** median round **Sept 2026** last seen - 21 [National Security Strategic Investment Fund (NSSIF)](https://millionrounds.com/fund/national-security-strategic-investment-fund-nssif) *Deploying now* Corporate VC · United Kingdom **6** **$50M** median round **Sept 2026** last seen - 22 [Multiply Group](https://millionrounds.com/fund/2pointzero) *Deploying now* Corporate VC · United Arab Emirates **2** **$503M** median round **Mar 2026** last seen - 23 [General Dynamics Land Systems](https://millionrounds.com/fund/general-dynamics-land-systems) quiet Corporate VC · United States **1** **$250M** median round **Mar 2025** last seen - 24 [Keysight Technologies](https://millionrounds.com/fund/keysight-technologies) *Deploying now* Corporate VC · United States **1** **$50M** median round **Apr 2026** last seen - 25 [L3 Harris Technologies](https://millionrounds.com/fund/l3-harris-technologies) quiet Corporate VC · United States **1** **$240M** median round **Mar 2025** last seen ## The Newest Cheques Rounds this list's investors joined most recently - **5** Nov **[T-Therapeutics](https://millionrounds.com/company/t-therapeutics)** Series B · $133M *Led by* [British Business Bank](https://millionrounds.com/fund/national-security-strategic-investment-fund) - **5** Nov **[Return](https://millionrounds.com/company/return)** Debt · $936M *With* [Deutsche Bank](https://millionrounds.com/fund/deutsche-bank) - **5** Nov **[CesiumAstro](https://millionrounds.com/company/cesiumastro)** Series D+ · $730M *With* [Airbus Ventures](https://millionrounds.com/fund/airbus-ventures) - **5** Nov **[Zipline](https://millionrounds.com/company/zipline)** Growth · $1.5B *With* [Salesforce Ventures](https://millionrounds.com/fund/salesforce-ventures) - **29** Oct **[Upwind](https://millionrounds.com/company/upwind)** Series C · $400M *With* [Salesforce Ventures](https://millionrounds.com/fund/salesforce-ventures) - **28** Oct **[Foundry Robotics](https://millionrounds.com/company/foundry-robotics)** Series A · $100M *With* [SE Ventures](https://millionrounds.com/fund/se-ventures) ## Stages This Year 407 rounds - Series A **20%** - Series B **14%** - Debt **11%** - Seed **10%** - Venture **10%** - Other **34%** ## What They Backed Sectors, last 12 months - AI **181** - Big Data & Analytics **39** - Hardware & Electronics **28** - Aerospace & Space **28** - Fintech **23** - Robotics **23** ## Cheques by Quarter Led Joined 82 Q1 25 88 Q2 25 121 Q3 25 109 Q4 25 132 Q1 26 127 Q2 26 103 Q3 26 24 Q4 26 The last bar is the quarter still running. ## Lists Like This - [VC firms backing AI 4,329](https://millionrounds.com/lists/vc-firms-ai) - [VC firms backing Fintech 1,856](https://millionrounds.com/lists/vc-firms-fintech) - [VC firms backing Big Data & Analytics 1,248](https://millionrounds.com/lists/vc-firms-big-data) - [VC firms backing Biotech 1,207](https://millionrounds.com/lists/vc-firms-biotech) - [VC firms backing Robotics 1,098](https://millionrounds.com/lists/vc-firms-robotics) - [VC firms backing Construction 1,025](https://millionrounds.com/lists/vc-firms-construction) - [VC firms backing Energy 998](https://millionrounds.com/lists/vc-firms-energy) - [PE firms backing AI 956](https://millionrounds.com/lists/pe-firms-ai) - [VC firms backing Cybersecurity 950](https://millionrounds.com/lists/vc-firms-cybersecurity) [All investor lists *→*](https://millionrounds.com/lists) ## Reading for founders in government and defence - The Hour of the Predator Giuliano da Empoli · 2025 3.94 from 5,140 ratings on Goodreads Government and defence About the book A chilling assessment of international politics in our time, from an internationally bestselling author whose work has sparked controversy and debate across the worldBlending the author’s personal insight with startling historical comparisons to the days of Machiavelli and the… On AmazonListen on Audible - Written Out of History: The Forgotten Founders Who Fought Big Government Mike Lee · 2017 4.05 from 728 ratings on Goodreads Government and defence Company building About the book Senator Mike Lee tells the story of the Founders whose warnings about the dangers of an all-powerful federal government helped shape our Constitution--but are being ignored today. Today, most Americans are familiar only with the "big names" associated with the Founding -… On AmazonListen on Audible - Unit X: How the Pentagon and Silicon Valley Are Transforming the Future of War Raj M. Shah · 2024 3.82 from 1,608 ratings on Goodreads Government and defence Company building Innovation About the book Shortlisted for the 2024 Financial Times Business Book of the Year “An exceedingly important book!”, General David Petraeus, US Army (Ret.), former Director of the CIA “Essential reading for understanding how technology will change the future of warfare.”, Chris Miller, New York… On AmazonListen on Audible - The Sirens' Call: How Attention Became the World's Most Endangered Resource Christopher L. Hayes · 2025 3.93 from 8,942 ratings on Goodreads Government and defence About the book An Instant #1 New York Times BestsellerFrom the New York Times bestselling author and MSNBC and podcast host, a powerful wide-angle reckoning with how the assault from attention capitalism on our minds and our hearts has reordered our politics and the very fabric of our… On AmazonListen on Audible More books for founders and investors on the [Reading List](https://millionrounds.com/reading-list?role=founder&industry=government). As an Amazon Associate we earn from qualifying purchases. ## Quick answers about corporate VCs backing Defence Tech ### Who are the most active corporate VCs backing Defence Tech? By cheques observed, the most active are Intel Capital, Salesforce Ventures, Z Venture Capital, Deutsche Bank and M Ventures. ### How many corporate VCs backing Defence Tech are there? 25 are on record. 92% made an investment in the last 12 months and 68% have led a round. ### Which stages do corporate VCs backing Defence Tech back? Of the rounds with a named stage in the last 12 months, mostly Series A (24%) and Series B (17%). ### How big are the rounds corporate VCs backing Defence Tech join? The typical (median) round among the leading investors here is $27M. ### Which sectors do corporate VCs backing Defence Tech back most? In the last 12 months, mostly AI, Big Data & Analytics and Hardware & Electronics. ### Which corporate VCs backing Defence Tech lead the most rounds? Intel Capital (19 led), Salesforce Ventures (12 led) and Wells Fargo (3 led). ### Where are corporate VCs backing Defence Tech based? Among the most active, most are based in the United States (14), Japan (2) and Germany (2). ### What have corporate VCs backing Defence Tech invested in recently? Recent rounds include T-Therapeutics (Series B, Nov 2026, with British Business Bank), Return (Debt, Nov 2026, with Deutsche Bank) and CesiumAstro (Series D+, Nov 2026, with Airbus Ventures). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)